loader image

Berger Asset Management buys 7-acre office park near O’Hare

8623 Bryn Mawr

Berger Asset Management bought a seven-acre office park in the O’Hare submarket, with plans to redevelop and lease up the sprawling complex.

The Chicago-based real estate investment firm paid $9.4 million for the 165,000-square-foot property, according to Crain’s.

Led by founder Jonathan Berger, the company acquired the 12-building InterPark Corporate Center from West Des Moines, Iowa-based Athene Annuity & Life, which seized the property after the previous owner defaulted on a $15.3 million loan. The sprawling location is at 8601-8623 West Bryn Mawr Avenue and 8600-8622 West Catalpa Avenue.

Berger will spend up to $5 million to redevelop and leas up the complex, which he’s rebranded Concourse Chicago, he told Crain’s. He secured a $9.5 million loan for the acquisition and renovations.

The property’s previous owner, JCF Real Estate, emptied half the buildings in the office park in order to build a seven-story, 394-unit apartment building. But that project fell victim to problems with financing, and JCF eventually lost the property in foreclosure.

But office demand is strong in the O’Hare submarket, where the vacancy rate at the end of the first quarter was 14.3 percent, according to JLL. [Crain’s] — John O’Brien

Recommend0 recommendationsPublished in Real Estate

Share this story with your network.

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on print


Recent Stories

Del Marie: locked down, but not out

The rapper-dancer-performance poet rolls with the pandemic punches. 2020 started off so well. January and February were great months for 27-year-old rapper, dancer, and performance

Read More »

Speak with a local expert now.

Learn more about this recent happening by speaking with an agent.